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Marcus & Millichap Seals Deal for Brooklyn Development Site

Marcus & Millichap completed the sale of 150 Lawrence St., a 19,437-square-foot mixed-use building on a 64.08-foot by 100 foot-lot with 71,990-square feet of air rights in Brooklyn. The asset sold for $22.5 million.

“Located in an opportunity zone, the property has special district C6 – 4.5 DB zoning, which permits a wide range of uses, including towers,” said Shaun Riney with Marcus & Millichap in Brooklyn. “Within 100 feet of the property at 47-56 Willoughby St., permits have been filled for a 38-story, 376-foot high-rise that will yield 223,470 square feet, including 290 units of residential and 4,506 square feet of commercial.”

Riney and Marcus & Millichap’s Michael Salvatico and Robbie Ferman had the exclusive listing to market 150 Lawrence St. on behalf of the seller, The Kao Family, and procured the buyer, Solomon Schwimmer.

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Inside The Story

Marcus & Millichap's Riney

About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 16-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 7-10 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

  • ◦Sale/Acquisition
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